But paying your monthly mortgage and car payment is your cost of living. And especially businesses who are thinking about making purchases. A farmer who wants a new combine cares about interest rates and depreciation rates. A clothing store that wants to expand into the adjacent room cares about interest rates.

We actually haven't seen increased joblessness and failed businesses. We haven't even seen soaring food prices.

First of all what you are arguing in the current context is to do nothing but throwing a lifejacket to someone who is in a whirlpool. Sure a farmer cares about rates. But I bet he cares about the sale of his crops too! A clothing store may want to expand but if less people are walking through their door then what is the point in expanding, regardless of cost?

And yes, we have seen joblessness increase. We have seen food and gas prices go up.

A mortgage and car payment could be argued that it is not a cost of living. I know plenty of people who rent and either pay cash for older cars or take the bus. But to cede your point I still have to put gas in that car, pay for the utilities on that house and eat.

I don't know any business owner who would argue at paying a higher interest rate at the expense of increased business. In fact I would argue that the increased business would give them reason to expand, referring to your clothing store analogy, even at a higher cost.

I mean what you are arguing is like saying someone wants to only make $15k a year as opposed to $150k because they don't want to pay higher taxes.